crypto

Last week, Cardano reached a market cap of $70.3 billion, about $3.4 billion less than the asset’s all-time high valuation achieved in May. The network has enjoyed outsized attention as it plans to introduce smart contracts on September 12.
The estimated crypto market cap surpassed USD 2 trillion this week, largely led by alt coins. BTC Dominance has fallen to 44%, the lowest the metric has been since early June. Here's a summary of key market metrics.
Ethereum scaling protocol and framework Polygon has acquired fellow scaling tech provider Hermez Network. The deal will also involve a merge of the 2 networks’ native tokens.
In spite of the outsized attention afforded to Dogecoin (DOGE)— which added roughly USD 10 billion to its market cap over the past week— the coin continues to see sporadic and at times scant developer activity on its GitHub page.
Last week, Boston Fed President Eric Rosengren said USDt reserves resemble a “very risky prime fund.” Despite persistent concerns over the stablecoin’s perceived regulatory challenges, the USDt market cap has tripled since the new year to USD 62 billion.
Ontario residents using the platform have until December 31 to close out active positions. The move preceded a notice from the UK’s Financial Conduct Authority (FCA) which stated that Binance “must not...carry out any regulated activities for which” it lacks permission.
According to a JPMorgan survey, only 10% of surveyed institutions are “involved” in crypto. Despite significant steps towards mainstream adoption, institutional involvement remains tepid.
Despite the aggressive crypto selloff, BTC dominance remains below 50%. Unrealistic valuations still persist across the market.
Last week, the Polygon network published a revised version of an Ethereum upgrade scheduled for next month. The proposed change highlights the coordination challenges of frequent network upgrades.
On Friday, authorities in Sichuan ordered mines in the region to shut down by Sunday. The Cambridge Centre for Alternative Finance reports that the province accounted for roughly 9.66% of China’s hash rate as of April 2020.